Continuum Green Energy, supported by Just Climate and Morgan Stanley Infrastructure Partners, has filed draft papers with SEBI for an IPO to raise Rs 3,650 crore.
The offer comprises a fresh issue of Rs 1,250 crore and an offer-for-sale of Rs 2,400 crore by promoter entity Continuum Green Energy Holdings Limited. Proceeds from the issue will be used for debt repayment, interest payment, and general corporate purposes.
This IPO comes after recent listings by NTPC Green Energy and Acme Solar, making Continuum the third renewable energy firm getting ready for a market debut this year. The IPO is led by Kotak Mahindra Capital, Citi, JM Financial, and Ambit Capital, and Shardul Amarchand Mangaldas is the legal advisor.
Key Highlights of Continuum Green Energy
- Founded in 2009 by Arvind Bansal and Vikash Saraf, Continuum is an independent power producer focused on renewable energy projects.
- Its largest operational project, located in Rajkot, Gujarat, has a capacity of 394.3 MW.
- The company has an operational and under-construction portfolio of 3.52 GWp.
- Continuum supplies clean energy to commercial and industrial consumers, as well as state utilities and power exchanges.
Earlier this year, Just Climate invested $150 million in equity to support the firm’s wind-solar hybrid projects. Morgan Stanley’s stake was acquired by Continuum’s co-founders, Arvind Bansal and Vikash Saraf.
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Source: Moneycontrol
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